Put simply, a lease buyout is a purchase arrangement in which a dealership consents to sell a leased vehicle to a lessee at or before the termination of the lease contract. At that point, the buyer may simply purchase the vehicle at the cost of its remaining value, and according to other terms of the contract. You can do this in a couple of ways, but it’s important to understand the ins and outs of both. Discuss your lease buyout options with the consultants at Slingerland Chrysler Dodge Jeep Ram FIAT, and read on for more information about a car lease buyout.
If you’ve decided to purchase a leased vehicle outright, you can opt to buy out your contract early (if your contract permits). It’s a good option if you want to buy before putting any more miles on the vehicle. The price you’ll pay will be determined by the amount owed on the lease, the residual value on your contract, and the depreciation on your vehicle. Consider these points as well:
This most common option means you’ll pay the vehicle’s expected worth at the end of the lease contract period. This alternative makes good sense as long as there are no problems with the vehicle and no better vehicles are available for a comparable price. As long as you’re satisfied with the car and have an acceptable interest rate, an end-of-lease buyout can be a viable alternative.
If you’re considering a lease buyout, meet with your leasing company and/or Slingerland Chrysler Dodge Jeep Ram FIAT and get all the details involved in such a move. Ask about any fees you’ll be required to pay upon taking ownership and explore all options available to you including your financing options, which may include a lease buyout loan. Apply to multiple lenders to get the best possible rate. In some cases, you may be able to negotiate a final buyout price and get an overall better deal. Ask the loan experts at Slingerland Chrysler Dodge Jeep Ram FIAT about your options in such a situation.
If you live in the St. Johns or Flushing area, we want to be your lease buyout resource. Our sales and finance consultants can answer any questions you may have about purchasing a leased vehicle. Our service professionals can inspect your vehicle to make sure it’s in good condition. Contact us today!
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